Nomura’s TCA products and services include the global pre-trade and portfolio analytics product, TradeSpex, ModelEx Monitor, ModelEx, and the newly launched Execution Services Consulting practice. Nomura’s TCA products can accept transaction data dated back to early 2005 and can process transaction data from different categories (such as brokers, portfolio managers, trading strategies, etc) at both the parent-order and child-order levels.
Asset classes and markets
Nomura’s TCA products cover stocks, exchange-traded funds, indexes, index futures, single-stock futures, FX, and certain exchange-traded fixed income instruments. All major markets in Asia-Pacific, Americas and Europe are covered.
Nomura’s TCA offers many benchmarks that are commonly used in the industry, including various VWAP and TWAP calculations, participation weighted price, same day’s open/close/last trade price, previous day’s close, same day’s high/low, and prevailing quote for each trade.
Since Nomura’s TCA products are web-based, users can access the tools by logging into the NomuraNow website and download reports in Excel, PDF or CSV format. The reports can be obtained 30-45 minutes after a market is closed. The summary report allows breakdowns by more than 30 categories (such as market, venue, strategy, bidask spread, etc).
Through the firm’s Execution Consulting Services team, Nomura clients will get a periodic report that provides detailed analysis of flow statistics and execution performance. The report can also provide suggestions for necessary changes to trading strategy selections and parameter configurations.
Nomura’s pre-trade analysis is offered through TradeSpex, which is available to all key clients of Nomura through the NomuraNow portal. Nomura’s proprietary market impact model, METRIC, is embedded in the portfolio version and single stock version of this tool.
Nomura is further integrating its TCA products and services with users’ trading experiences, with an emphasis on real-time monitoring and on-the-fly pre-trade analysis capabilities, and post-trade scenario analysis.